Home-equity holdings on The PNC Financial Services Group Inc.’s balance sheet expanded by nearly $2 billion during 2022. Earnings at the financial institution also increased.
Last year ended with $25.983 billion in home-equity assets in the investment portfolio, according to fourth-quarter 2022 earnings data released Wednesday by the Pittsburgh-based organization.
Home-equity holdings were nudged up from the second quarter, when the total stood at $25.367 billion. They were also greater than the $24.061 billion in home-equity assets on the balance sheet as of Dec. 31, 2021.
PNC’s net income climbed to $6.1 billion during all of 2022 from $5.7 billion one year prior.
Last year’s “strong results” were attributed to “focusing on serving customers and communities,” PNC Chairman, President and CEO Bill Demchak said in a statement.
“Our credit quality metrics remained strong and our solid capital position allowed us to return $6 billion of capital to shareholders throughout the year,” Demchak added.